CommexFX Clients to Tap Investor Compensation Scheme after 2 Years of Waiting

Clients of CommexFX, one of the most controversial brokers that used to operate from Cyprus, are now able to tap the Cyprus Investor Compensation Fund (ICF). The Cyprus Securities and Exchange Commission (CySEC) issued a statement to inform the public that customers of the brokerage that haven’t been receiving their withdrawals can now apply for compensation from the ICF.

The news comes after two years of delays. The brokerage has been placing its advertising boards with live quotes across airports in Cyprus and has solicited a number of investors. Most recently the jailed owner of MerexMarkets, Abdulrahman Alimari, has been claiming that he wants to reinstate the company’s license.

It’s been a long road for clients of CommexFX and MerexMarkets. Clients of the former have been retaining hope that they might get compensation from the insurance scheme in Cyprus, and ultimately their hopes could be fulfilled.

However MerexMarkets was a brokerage that was operating without a regulatory license and its clients are unlikely to recover their losses.

Two Years of Nerve-wracking Expectation

The license of CommexFX was suspended by CySEC in June 2015 after it was flooded by the first set of complaints about the conduct of the brokerage. The company is said to have been operating primarily in Egypt and China.

After CySEC suspended the license of the firm, it proceeded to revoke it altogether in July 2016.

The Cypriot regulator imposed a fine on the firm and its owner totalling €100,000 for misleading the regulator in July 2015. Now, two years later, CySEC is officially triggering the reimbursement process.

According to the official statement issued by the Cypriot regulator: “CySEC has ascertained that the company is unable to fulfill its duties towards its clients in the near future for reasons that do not consist of a temporary lack of liquidity.”

CySEC will shortly publish an announcement on its website that will provide more information for clients of CommexFX on how to apply for compensation from the ICF. Recently, the regulator mandated a review of the rules of the scheme that is designed to protect investors in the country. Apparently the bureaucratic hurdles that are stopping clients from receiving timely compensation will be reviewed.

it is important

Such peoples, who earn much and continually on Forex, constitute only 10% from the total traders’ quantity. They are subject of envy and they are called “Guru” of the foreign exchange market. They are confident in their future. They are a living example of the fact that to succeed in Forex is quite real.

So, if you visited this page — you have got a unique chance to be among these 10% and begin the experience of a trader right now!

PLEASE, PAY ATTENTION

Before you begin to work on Forex market, you should be aware that it’s not possible to born as a professional of the stock exchange, you may become it. Don’t expect that the way from a beginner to a professional will be easy and pleasant. If you want to become a real professional on Forex market, you should constantly perfect yourself, extend your knowledge and consolidate your skills. The main danger of every financial market can be a sudden fall of quotations. The fall of the main index may turn out a crash for the same stock exchange. Actions’ devaluation may bring in its turn, to a failure of entire companies. Forex market functions in a little different way. Forex cannot fall so easily. Even the most drastic collapse of Dollar will mean the proportional rise of another currency, Euro for example. Any currency fall on any scale cannot bring to the total crash of the Forex market. The currencies’ sale will continue under the usual schedule: somebody will get profit, but somebody will bear losses. The currency exchange always was the most stable, and the currency was the most liquid and liable instrument for trade.